Is Momentum Changing for Gold? Price Just Crossed Below Its 50 Day Moving Average

The Daily View for Gold

  • At the time of this writing, XAUUSD’s price is up $13.7 (0.77%) from the day prior.
  • This is the 2nd day in a row Gold has seen its price head up.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
  • Most noteworthy in the world of moving averages on the daily chart is that the 50 day moving average has been crossed, so that price is now turning above it. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
  • Divergence between XAUUSD’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in XAUUSD’s price.

Below is a daily price chart of Gold.

XAUUSD

Featured Gold Idea From TradingView

Below is a trading comment entitled XAUUSD > On Demand Analysis! you may find interesting:

I hope you are feeling generous and loving today to give me a like and leave a comment it will really support the creation of new free ideas for you.Analysis on #GOLDI got a lot of messages and request to analyze Gold todaylet me start with a simple stupid plan which you must only use with a valid technical reason.if the silver is up and gold still did not follow, then find a valid reason to go long gold as it is going to follow most of the times, find chart patterns, harmonic patterns, etc.if the gold is up but silver is down then fade the move as gold will most likely reverse most of the time to follow silver.must be aware that the gold market has been doing this crazy behavior for the couple months and you do not have to take my word for it go check it for yourself.the …

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